This is an introductory course that covers basic issues relating to the law of principals and agents and surveys state laws governing the formation and operation of closely held business associations, including partnerships, limited partnerships, limited liability companies, closely held corporations, non-profits and social enterprises. The course deals with choice of business entity, forming and financing business enterprises, and management rights within such enterprises. This course is strongly recommended for all students, not just those students who plan to practice business law.

In semesters when a 4th credit is being offered: 2Ls and 3Ls who choose to take the course for 4 credits, in addition to attending classes and taking the final exam, will have to complete a professional skills drafting exercise to draft a corporate agreement based on a problem I give to you and to write a short memo on why you made the drafting choices you made. You will get feedback on this assignment. 1Ls can only take the course for 3 credits, and thus, they will not be required to do the exercise.